How to Help Clients Plan for Rising Medical Costs

Last year, the drama over President Obama's healthcare reform law was running high. In one famous exchange, Rep. Joe Wilson (R-S.C.) accused the president of lying. In another, Rep. Alan Grayson (D-Fla.) drew gasps for saying that Republicans hope Americans "die quickly" as a solution to the country's healthcare issues. And uncomfortable topics like abortion, euthanasia and race became a staple on the nightly news.

A year later, the intensity of the debate has lessened-somewhat. The Patient Protection and Affordable Care Act was signed into law, although some Republicans continue to fight to repeal it. Most of its provisions won't go into effect for a few years, and people have gone back to the more urgent concerns of healthcare-making the funding decisions that allow them and their families to live long and healthy lives.

In this cover package (see stories below), we take a deeper look at how advisors can help their clients make these crucial decisions. Suzanne McGee describes the inherent uncertainty of the healthcare planning process, while Ingrid Case discusses the crisis brewing in long-term-care insurance. And with the first baby boomers eligible for Medicare this year, Don Korn predicts planners will be fielding more questions about this complex program. Don also takes a look at the growing popularity of health savings accounts, which may get a boost by 2014, when the healthcare reform law requires most people to have health insurance.

Financial advisors know that nothing can derail a financial plan faster than unexpected healthcare costs. So the right planning at the right time will help keep clients healthy-and wealthy.